We understand that some of you might be curious about the TATM token and its utility, the overall economy and how everybody will benefit from it.
This post will attempt to elaborate on the advantages of being a crypto buyer or a virtual TronATM.
What’s the utility…
Users that want to sell their TRC-10 and/or TRC-20 crypto tokens through the virtual TronATM Dapp, must pay an amount of 2500 TATM tokens to become a virtual TronATM. This minimum requirement will help attract only real users that are willing to engage in an authentic transaction through the Dapp and is an attempt to avoid network clogging. Network clogging is basically an attempt to flood the virtual TronATM ecosystem with fraudulent accounts or other low-quality listings. To even further enforce this method, the address chosen to setup a TronATM must also have a minimum of 250 TRX in their wallet.
It’s very important for you to understand that this amount of TRX will never leave your wallet! This is not a payment, it is simply a check the Dapp will perform towards the content of your wallet.
Whenever a transaction takes place through the Dapp, a fixed amount of TATM will be charged per transaction. This amount is yet to be determined but will never be more then 1 TATM per transaction.
What are the benefits?
Someone that has setup his own TronATM will be able to set his own buy and selling margins. Keep in mind this has nothing to do with the fixed amount of TATM charged per transaction. These margins are completely up to the seller to choose. If you are lucrative you can really benefit from both sells and buys!
For crypto buyers…
For someone that wants to buy cryptocurrency but does not want all the hassle that comes with creating an account on various exchanges to purchase the coin you desire, the virtual TronATM Radar or simply “RADAR” is a perfect solution.
You are only required to setup an account, go to “RADAR” and find someone close-by to perform a trade. After you have contacted them through Telegram you can simply meetup, click on “Receive” within the Dapp which will display a QR code to receive your tokens after payment of the convened amount.
Instead of buying TRX first to then exchange it for a particular TRC10 or TRC20 token, users can now buy them directly from a TronATM. This is great for both “crypto-beginners” and longtime crypto-users who are particularly interested in a project or token, and don’t want to buy or hold another cryptocurrency in order to access it.
For the community…
This project was founded by the community and with this mindset the decision has been made that every amount payed in TATM (entry to the platform, transaction fees or any other future utilities) will be redistributed fairly and equally among the TATM token holders.
A smart contract will be setup to create the so-called “Reward-Pool” and redistribute TATM tokens to the hodlers. More details on this topic will follow..
A small glimpse in the future of TronATM…
Burn Burn Burn
After re-evaluation of our token structure and overall economics, a community decision has been made to burn a portion of the total supply.
Coin burning — as the name suggest — is a process of intentionally ‘burning’ or eliminating the coins by rendering it unusable. This is done by sending a portion of the coins to an ‘eater address’, which is often referred to as a ‘black hole’ since the private keys to that address are not obtainable by anyone.This will have a strong effect on the value of TATM coins.
In the future we will be implementing a feature that is called “Cold-Staking”. Cold staking is a protocol that rewards long-term coin holders for staking their TATM coins.
Cold Staking is not related to Proof of Stake or a consensus mechanism. Cold stakers have no rights in generating blocks or confirming transactions. They receive interest for holding their coins. Think about cold staking as a form of passive income on your investment.
Cold staking workflow in a nutshell:
1) After the TATM owner has deposited their coins into the staking contract, the funds are locked for a certain period of time (yet to be decided)
2) The cold staker cannot access their funds during the locking period.
3) The longer a staker “stakes”, the higher the reward will be.
4) After the locking period expires, there are three options for the cold staker:
(a) Claim the reward and continue staking, thus locking their funds for another month.
(b) Claim the reward and withdraw their entire stake
(c) Do nothing.
5) When a staker does nothing for a certain amount of time (yet to be decided) after the locking period has ended, then they are considered inactive and are removed from the staking contract. The inactive stake is returned to the stakers address. No reward shall be paid to inactive stakers.
6) Each staker can independently claim their reward at any time after the locking period. The staking reward depends on the total amount of TATM that is currently in the cold staking contract. As a result, each staker’s reward depends on other stakers’ stakes.
7) There is no minimum staking amount.
8) A cold staker can only stake with their own deposit address. It is not possible to send rewards to someone else’s address, or grant someone permission to claim the reward on your behalf.